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Accounting Asset Protection Business Estate Investments

Financial Tips for July 2012

Estate Plan Checkup
Give some thought to your estate plan. How do you want your assets to be distributed at your death? Federal estate tax may be a factor. Please call us for guidance on how to minimize estate taxes and probate costs, so that the maximum amount goes to your desired beneficiaries.

Examine Property Tax Bills
Examine your property tax bills and explore the possibility of challenging the valuation.

Budget vs. Actuals
Compare June income and expenditures with your budget. Make adjustments, as appropriate, to your July expenditures. Make sure you have invested your planned savings amount for June.

Investment Review
Review your investment performance for the first half of the year. Consider reallocating underperforming or low-yielding assets.

Accounting Business Tax

Financial Tips for February 2012

Review Your Savings Plan

Establish or review your savings plan to begin accumulating assets for your life goals. Professional guidance will be helpful in reviewing investment alternatives.

Review Your Retirement Plan

Establish or review your retirement plan. Explore the availability of deferred compensation programs through your employer, such as 401(k) and 403(b) plans. Begin contributing as soon as you are eligible.

Review January’s Budget vs. Actuals

Compare January income and expenditures with your budget. Make adjustments as appropriate to your February expenditures. Make sure you have invested your planned savings amount for January.

Collect Your Tax Information

Verify that you have received all necessary Forms W-2 and 1099 and a statement showing the year-end balance of IRA and Keogh plans. Contact the appropriate company for any that have not been received. For those that have been received, make certain that the amounts agree with your records.

Although taxes for personal returns are not due until April 17, it is best to get an early start since additional follow-up may be necessary.

Asset Protection Estate Financial Planning

Ensure Your Family’s Security with an Estate Plan

No matter what your net worth, you should have an estate plan in place. Such a plan ensures that your family is cared for and your assets maximized upon your death. An estate plan consists of your will, health care documents, powers of attorney, life insurance coverage, and post-mortem letters.

For those of you with an estate plan already, good for you! But we have a piece of additional advice: make it a priority to review the plan every two years to see whether it needs updating.

Here are the life events that necessitate an update to your plan:

  • Divorce
  • Marriage or remarriage
  • Birth/adoption of child
  • Death of spouse or child
  • Sale of a residence or purchase of new residence
  • Retirement
  • Enactment of new tax laws

When updating your estate plan you may need to do the following:

  1. Name a different executor
  2. Revise your will, especially if your assets have increased significantly
  3. Reassess your life insurance needs
  4. Add or change a power of attorney
  5. Change legal documents to comport with state laws if you move to a different state
  6. Change wills or trust instruments to account for changes in beneficiaries
  7. Change your post-mortem letter to reflect new assets, changes in executors, or other changes

Due to recent changes in estate tax laws, many estate plans may need to be revised. Give us a call to review your current situation.

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